Equity Culture

Boyd Black

No 09-03, Economics Working Papers from Queen's Management School, Queen's University Belfast

Abstract: The literature in law and finance has developed a consensus that legal family tradition is the main determinant of cross-national variations in corporate governance and equity markets. This paper argues that national culture is an additional determinant. This hypothesis is developed empirically. The importance of national culture cannot be rejected, even when controlling for legal family origin, investor rights, and a range of other variables. There is an equity culture based on uncertainty (ambiguity) aversion.

Keywords: National culture; Equity; Ambiguity; Uncertainty; Corporate governance (search for similar items in EconPapers)
JEL-codes: K10 Z10 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2009
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